Faced with a 20% drop in ‘premium’ travel as compared to a year ago, some airlines (Qantas, BA) have started cutting back on their first-class fanciness. Some (Emirates, Air France, Lufthansa) find the idea “unthinkable”. Yet those airlines who continue to invest in first-class travel might be making the smarter move: they’re hoping these passengers will stay loyal when the economy bounces back. Which is not such a bad idea, considering the fact that first-class passengers are the ones keeping the airlines afloat. (Uh, aloft?)